Apple CEO Tim Cook has taken a huge pay cut of $35 million, or more than 40 per cent of his compensation, amid challenging global macroeconomic conditions.
According to a new regulatory filing in the US Securities Exchange Commission (SEC), Cook's pay will drop from $84 million in 2022 to $49 million in 2023, at his own recommendation.
The pay change is entirely from an adjustment in his equity value.
In 2022, that value was estimated to be worth $75 million. However, that drops to $40 million this year amid the economic slowdown.
Cook's base salary of $3 million and his annual cash incentive of $6 million will remain the same.
The compensation committee on Apple's board acebalanced shareholder feedback, Apple's exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received," read the SEC filing.
"Cook actually made $99.4 million in 2022, according to the filing," the report said.
Amid iPhone production challenges in China owing to Covid-related disruptions, Apple's market cap has dropped $1 trillion from its peak a year ago.
Like many other tech companies, Apple has been hit by supply chain issues.
Its manufacturing in China has taken a hit due to a fresh wave of Covid infections in the only major economy combating such a crisis.
While Apple's market value has declined significantly, other major technology companies have experienced steeper percentage declines.
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Amazon and Facebook-parent Meta's shares have fallen by about 50 per cent and 63 per cent, respectively, over the past year, said the report.